Novo19 Capital Corp. Announces Revocation of CTO (Formerly Parkside Resources Corp.)
23.07.2019 | Newsfile
Toronto, July 23, 2019 - Novo19 Capital Corp. (formerly Parkside Resources Corporation) (the "Corporation" or "Parkside") is pleased to report that the British Columbia Securities Commission, as principal regulator, and the Alberta Securities Commission, have revoked the cease trade orders issued by them on February 3, 2015 and May 5, 2015, respectively (the "CTO").The CTO was issued due to the failure of the Corporation to file (i) annual financial statements and management's discussion and analysis, and CEO and CFO certifications thereof, for the year ended September 30, 2014, and (ii) interim financial statement and management's discussion and analysis, and CEO and CFO certifications thereof, for the interim period ended December 31, 2014. In furtherance of revoking the CTO, the Corporation has now filed under its profile at www.sedar.com the following: (i) annual financial statements and management's discussion and analysis, and CEO and CFO certifications thereof, for the year ended September 30, 2017; (ii) annual financial statements and management's discussion and analysis, and CEO and CFO certifications thereof, for the year ended September 30, 2018; and (iii) interim financial statements and management's discussion and analysis, and CEO and CFO certifications thereof, for the interim period ended December 31, 2018. In addition to the aforementioned, the Corporation, on June 28, 2019, filed the interim financial statements and management's discussion and analysis, and CEO and CFO certifications thereof, for the interim period ended March 31, 2019.
The value of the Corporation's principal asset (its Forester Lake property) was previously written down to its nominal carrying value of $1, a decision made by management at the time based on the requirement for additional capital to advance the property, and the Corporation's inability at that time to raise any such capital. The Board of Directors is currently comprised of David Mitchell and Matthew Goldman (elected at the Corporation's recently held annual general meeting of shareholders of May 15, 2019). The Corporation is actively seeking additional directors, and conducting a strategic review of its business, its assets, and its opportunities, and will update shareholders as material developments occur. In due course, the Corporation intends to apply to a Canadian securities exchange (to be determined) for reinstatement of the trading of its common shares.
The Corporation held its annual general and special meeting of shareholders on May 15, 2019 at which time the shareholders of the Corporation approved, among other matters, (i) a change of the Corporation's name to Novo19 Capital Corp.(the "Name Change"), and (ii) a consolidation of the Corporation's issued and outstanding shares on the bases of one (1) post-consolidation common shares for up to every ten (10) pre-consolidation common shares (the "Consolidation"). The Corporation completed both the Name Change and the Consolidation on July 8, 2019.
For further information about Parkside, please contact:
Contact: David Mitchell
Telephone: (416) 574-4818
Email: dmitchell@stillbridge.com
Cautionary Statements:
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend" and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Early Warning Parties' intentions with respect to their securities of the Corporation. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms;, income tax and regulatory matters; the ability of the Corporation to implement its business strategies; competition; currency and interest rate fluctuations and other risks.